Justin Sun

Justin Sun Buys Picasso Painting for $20M; Plans to Tokenize it on JUST NFT Fund

Almost everyone is aware of Justin Sun’s extravagance towards NFT, especially after slightly missing out on the purchase of Beeple’s first digital artwork. However, he later bought the “Everydays: The Ocean Front” – another Beeple’s artwork for $6 million. Justin has made quite another splash after he purchased a Picasso painting “Femme nue couchée au collier” worth $20 million.

The Tron’s CEO announced about a week ago that he was going to launch an endowment called “JUST NFT Fund.” He revealed that the function of the Fund would be to invest in the NFT space while bridging the gap between ledger technology and artists who want to launch their tokens.

Justin Sun continued that the Fund will acquire high-profile works within the price range of $1 and $10 million and today, the fund has bought two paintings worth $22 million altogether. The first is Picasso’s “Femme nue couchée au collier” for $20 million and “Three self-portraits” by Andy Warhol for $2 million.

Justin Sun Believes the New Generation of Investors will transform Investment

Justin Sun mentioned that the JUST NFT Fund is going to partner with experienced consultants from Sotheby’s and Christie’s auction houses.  The paintings will be the first traditional artwork to be tokenized and launched on the JUST NFT Fund in the coming weeks. In history, Picasso’s painting is the priciest 20th-century artwork collection.

Justin revealed in his recent interview that “all kinds of art will be moved online” in the future. He believes that the new generation of investors will redefine what it means to invest while highlighting that they would be doing so from the comfort of their rooms.

NFTs have exploded this year after the market cap rose by 1,785% following the surge in demand. In March, the total NFT sales were worth over $200 million. So far NFTs have shown no sign of slowing down as demand keeps rising.

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